Report Update Feb 1, 2025

Republic of Korea - Pig Iron and Spiegeleisen - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Pig Iron Market 2022

Pig Iron Market Size in Republic of Korea

In 2021, after two years of growth, there was decline in the South Korean pig iron market, when its value decreased by -2.6% to $X. In general, consumption, however, continues to indicate a relatively flat trend pattern. Pig iron consumption peaked at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Pig Iron Production in Republic of Korea

In value terms, pig iron production reduced modestly to $X in 2021 estimated in export price. Overall, production saw a pronounced downturn. The pace of growth appeared the most rapid in 2015 when the production volume increased by 65%. Pig iron production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Pig Iron Exports

Exports from Republic of Korea

In 2021, exports of pig iron and spiegeleisen from South Korea soared to X tons, with an increase of 19% compared with the year before. Over the period under review, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 97% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in the immediate term.

In value terms, pig iron exports soared to $X in 2021. Overall, exports continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 48% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Vietnam (X tons) was the main destination for pig iron exports from South Korea, with a 99% share of total exports. It was followed by Japan (X tons), with a 0.3% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam amounted to +151.4%.

In value terms, Vietnam ($X) remains the key foreign market for pig iron exports from South Korea, comprising 97% of total exports. The second position in the ranking was taken by Japan ($X), with a 1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Vietnam totaled +137.1%.

Export Prices by Country

The average pig iron export price stood at $X per ton in 2021, rising by 18% against the previous year. In general, the export price, however, showed a perceptible decline. The growth pace was the most rapid in 2015 when the average export price increased by 58% against the previous year. The export price peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while the average price for exports to Vietnam amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+10.9%).

Pig Iron Imports

Imports into Republic of Korea

Pig iron imports into South Korea was estimated at X tons in 2021, surging by 4.3% on the previous year's figure. In general, imports, however, recorded a deep reduction. The pace of growth was the most pronounced in 2013 when imports increased by 19% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, pig iron imports soared to $X in 2021. Overall, imports, however, showed a abrupt shrinkage. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Russia (X tons) constituted the largest pig iron supplier to South Korea, with a 48% share of total imports. Moreover, pig iron imports from Russia exceeded the figures recorded by the second-largest supplier, India (X tons), twofold. The third position in this ranking was taken by Japan (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Russia amounted to -9.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-5.9% per year) and Japan (-23.5% per year).

In value terms, Russia ($X) constituted the largest supplier of pig iron to South Korea, comprising 50% of total imports. The second position in the ranking was taken by India ($X), with a 22% share of total imports. It was followed by Japan, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from Russia amounted to -7.6%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-2.7% per year) and Japan (-21.8% per year).

Import Prices by Country

The average pig iron import price stood at $X per ton in 2021, growing by 51% against the previous year. In general, import price indicated tangible growth from 2012 to 2021: its price increased at an average annual rate of +2.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Canada ($X per ton), while the price for South Africa ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+24.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for pig iron and spiegeleisen in the world?

The country with the largest volume of pig iron consumption was China, comprising approx. 73% of total volume. Moreover, pig iron consumption in China exceeded the figures recorded by the second-largest consumer, India, tenfold. South Korea ranked third in terms of total consumption with a 4.9% share.

What are the largest producers of pig iron and spiegeleisen in the world?

China constituted the country with the largest volume of pig iron production, accounting for 73% of total volume. Moreover, pig iron production in China exceeded the figures recorded by the second-largest producer, India, tenfold. South Korea ranked third in terms of total production with a 4.9% share.

What are the leading suppliers of pig iron and spiegeleisen to Republic of Korea?

In value terms, Russia constituted the largest supplier of pig iron to South Korea, comprising 60% of total imports. The second position in the ranking was occupied by Japan, with a 23% share of total imports. It was followed by South Africa, with a 14% share.

What are the leading importers of pig iron and spiegeleisen from Republic of Korea?

In value terms, Vietnam remains the key foreign market for pig iron exports from South Korea.

What is the average export price for pig iron and spiegeleisen in Republic of Korea?

The average pig iron export price stood at $209 per ton in 2021, waning by -13.2% against the previous year.

What is the average import price for pig iron and spiegeleisen in Republic of Korea?

The average pig iron import price stood at $397 per ton in 2021, increasing by 4.2% against the previous year.

This report provides an in-depth analysis of the pig iron market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24101100 - Pig iron and spiegeleisen in pigs, blocks or other primary forms

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption In 2012-2024
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country Of Origin, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country Of Destination, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
5. Trade Balance, In Physical Terms, 2012-2024
6. Trade Balance, In Value Terms, 2012-2024
7. Per Capita Consumption, 2012-2024
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2024
22. Production, In Value Terms, 2012–2024
23. Imports, In Physical Terms, 2012–2024
24. Imports, In Value Terms, 2012–2024
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country Of Origin, 2012–2024
29. Exports, In Physical Terms, 2012–2024
30. Exports, In Value Terms, 2012–2024
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country Of Destination, 2012–2024